The Ministry of Corporate Affairs (MCA) notified the constitution of the National Company Law Tribunal (‘NCLT’) and National Company Law Appellate Tribunal (‘NCLAT’) in the exercise of powers conferred under sections 408 and 410 of the Companies Act, 2013. The NCLT and the NCLAT act as quasi-judicial bodies which adjudicate/decide all disputes relating to companies…
Conditions for Transfer When the transfer instrument has been presented late or lost Transfer instrument has been lost Provided that where the instrument of transfer has not been delivered within the prescribed period(within 60 days from the date of such execution)or the instrument of transfer has been lost, the company may register the transfer on…
WHAT IS A CIRP? The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 defines the expression “corporate insolvency resolution process” as “the insolvency resolution process for corporate persons under Chapter II of Part II of the Code.” A Corporate Insolvency Process means a process where – the financial creditors assess the viability of debtor’s…
WHAT IS INSOLVENCY? HOW IS IT DIFFERENT FROM BANKRUPTCY? Insolvent means a person who is not able to pay his/her/debts in the ordinary course of business. Insolvency is “the state of one whose assets are insufficient to pay his debts.” BANKRUPTCY. The word Bankruptcy has embedded in the trade that was carried out on Ponte Vecchio,…
The Insolvency and Bankruptcy Code, 2016 define a separate insolvency resolution process for individuals/partnership firms which is different from that provided for the corporate bodies. Chapter III of Part III provides for the insolvency resolution process (RP) for individuals and partnership firms. The Adjudicatory Authority (AA) for the process enshrined under this Part is the…
The audit is the process of collecting and evaluating evidence of findings on transactions and information obtained in the examination process to determine whether the transactions that have occurred are appropriate or the existing transactions and information are by what happened. An audit is an independent and objective evaluation of the financial statements of a…
If humans have an immune system that must be maintained to prevent disease, so does the company’s network and devices, and its immune system is called a firewall in a computer network. For those of you who have studied the term media, maybe this system also applies there, it’s just that the definition is different. Either…
The government of India aims at supporting million-plus taxpayers to adopt E-Invoicing. It is also relevant that it must take an active approach in screening fraudulent GST evasion practices by registered persons. This electronic real-time exchange of invoicing data will help the Government plug the GST gap and help businesses to streamline the operation of…
Signatures are the distinctive way of writing own name indicating or authorizing anything be it a cheque or a document. Legible signatures are easy to read and mention the name of the signatory who signed that document. Illegible signature (complex signature) here means that the signature is executed in a way that the name is…
Technology is developing very rapidly, along with these developments some impacts need to be anticipated, namely the security of computer devices and data stored on the device. In the early stages of software development, data tampering was only a virus that could be cleaned with anti-virus and nowadays data hacking is growing rapidly in increasingly…
